Japan's economy is set to grow much slower than previously hoped this quarter, hobbled by extended emergency measures put in place to halt a rise in coronavirus infections, a Reuters poll showed.
A surge in infections due in part to new variants led to the government's decision to extend a state of emergency in Tokyo and three other areas until the end of the month and to expand it to two more prefectures, hitting consumer spending and broader activity. For the full year, expectations have been revised down to a 3.6per cent growth from 3.9per cent, with economists also noting the slow pace of Japan's vaccination programme compared to other countries. For the next fiscal year, economists expect on average 2.4per cent growth.
Projections for the size of the economic package showed 12 economists expect it to range between 5 trillion yen to 10 trillion yen , 11 expect a package of 10-20 trillion yen while nine forecast 5 trillion yen or less.
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